Nifty faced pressure from higher levels, ended in the red. Key levels to watch tomorrow

,nifty It ran under selling pressure at higher levels on the day when most other Asian indices were performing well. Deepak Jasani, Head of Retail Research, HDFC Securities, said high crude oil prices, the outcome of state elections and fear of rate hike in India are creating concerns among FPIs, who are taking advantage of rallies to lighten their positions. are picking up.

Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said: “(Indian) markets are a bit cautious after the sharp rally (on Tuesday),” he said, adding that concerns over higher inflation and hike in interest rates also remain. Selling by FIIs is continuing, which is controlling the upside. We are seeing the sell-off coming back at a faster pace.”

The Nifty Bank index fell 0.6%, while the Public Sector Bank index fell 1.2%. On the Sensex chart, NTPC, SBI, UltraTech Cement, ICICI Bank, Tata Steel, Bajaj Finserv and Bajaj Finance were among the major laggards, falling up to 1.63%.

In contrast, Bharti Airtel was the top performer, rising 1.41 per cent, followed by HDFC, Mahindra & Mahindra, Dr Reddy’s, Kotak Bank and Nestle India.

“We continue to face selling pressure at higher levels. 17600 is the key resistance level and the trend will remain bearish until we cross it based on the close. We are in a trading zone And it is imperative that we stay, the stops are large and forgiving, said Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments.

Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities said, “Technically, Nifty failed to stay above the 50-day SMA which is broadly negative. 17250 and 17200 would be key support areas for bulls while 17500 would be the key support areas for bulls. -17550 will act as a significant barrier for the traders.”

BSE Midcap index remained flat today while Smallcap index rose 0.4%. Investors will also be eyeing the release of the minutes of the Fed’s January meeting.

“US Fed meeting minutes and the ongoing tension over the Russia-Ukraine crisis will remain on the radar. Furthermore, the scheduled weekly end will further add to the turmoil. We reiterate our cautious stance and suggest waiting for further clarity,” Ajit Mishra, VP – Research, Religare Broking said. (with agency input)